Island House – Roosevelt Island

Roosevelt Island Operating Corporation

Lease Analysis – Roosevelt Island, NY

The Island House is a 400 unit affordable housing development that was about to exit the Mitchell Lama program, with expiration of that agreement after 20 years.  Mitchell Lama is a New York State housing subsidy program begun in 1995 to increase the amount of middle income rental and cooperative housing units.  The development, while privately owned and operated, leases the underlying ground from the Roosevelt Island Operating Corporation and required its approval to extend the land lease.  Working with CBRE, RESGroup analyzed the lease proposal for an extension through 2068 and assisted the client in the negotiation of the terms that will preserve the affordable rental rates and create cooperative ownership opportunities at affordable prices at Island House for an additional 30 years.